American Savings Bank

Introduction and HistoryAmerican

Savings Bank is a federal savings bank headquartered in Honolulu, Hawaii, founded in 1925 and with roots dating back to 1922–1925 as a savings and loan institution. It is one of the largest local banks in Hawaii, with multiple branches and a rich product and service system across the state.

• 1922–1925: Formation and merger of savings and loan companies from Utah and Hawaii; In 1925, the first Hawaii branch was opened.

• 1932: The company is consolidated into American Mutual Savings & Loan; Ten years later, it was renamed American Savings & Loan Association.

• 1958–1977: Expansion into neighbouring islands, through the acquisition of local institutions such as Kaua'i Savings and Maui Savings, the multi-island business network was initially established.

• 1987: Established a subsidiary in Hawaii and obtained a federal banking license to name American Savings Bank.

• 1988: Acquired by Hawaiian Electric Industries to become its banking division.

• 1990: Acquisition of First Nationwide Bank Hawaii.

• 1997: Acquired Bank of America Hawaii with $5.5 billion in assets.

• 2002: Introduction of the "kalo" company identity, which symbolizes growth, community and cultural connection.

• 2010: Richard Wacker becomes CEO;

• In 2021, Ann Teranishi became President and CEO.

3. Core Business & Product Line

personal and consumer banking

offers a wide range of account products, such as:

Checking, Savings, Money Market;

• Moneyhune Savings Account for Children's Education, Coverdell Education Savings Account;

• CD (Term Deposit) and IRA (Individual Retirement Account) products.

e-banking and mobile banking

support both online and mobile banking services, covering account management, bill payment, cheque deposit, external transfer and other functions, as well as learning resources and security assurance.

lending and credit products

• Mortgage and HELOC;

• student loans (through College Ave partnership);

• Credit cards, personal loans, business loans, SBA loans, etc.

commercial banking services

• business checking and savings accounts, commercial card services, cash management;

• Commercial Loans & Lines of Credit, Commercial Credit Cards, Foreign Exchange, Collections & Night Deposits.

investment and insurance products

• offers IRAs, brokerage accounts, insurance agency services (with Cetera and Franklin Madison Collaboration);

• Equipped with financial advisors to provide clients with retirement planning and asset protection advice.

Community Service & Brand Culture

• "Kalo": The bank uses the traditional Hawaiian plant "kalo" as a symbol to reflect a deep connection with the local community.

• Public Welfare and Volunteerism: Through the Seeds of Service program, employees have contributed more than 136,000 hours of volunteer service, and financial assistance has been provided to support community public welfare.

• Local Recognition & Awards: Best Local Bank in Hawaii by Forbes since 2018; It also performed well in the "Best Place to Work", "Women-Friendly" and "Diversity & Inclusion" ratings.

Management & Organizational Governance

• CEO: Ann Teranishi, who has been in the company since 2021, has emphasized "earning the trust of customers and being on the front lines of the community".

• Previously managed by Richard Wacker, he has extensive banking experience.

• The Board of Directors and Executive Team are comprised of local and cross-industry executives with a focus on community needs, compliance and customer service.

Financial Regulation & Robustness

• ASB is a member of the FDIC (Federal Deposit Insurance Corporation) and deposits are guaranteed by government trusts;

• It is a national savings bank (Thrift) and is part of the U.S. federal deposit insurance system;

• The routing number and NMLS filing information are open to the public and comply with U.S. regulatory standards.

2024–2025 Key Events

consecutive

• years of awards: Consecutive Forbes Best Bank in Hawaii Nominees;

• Centennial Banking: Centennial celebrations in January 2025, the launch of the KeikiCo Children's Business Competition, the identification of donations through community voting, and the launch of the Hui Kapili Startup Accelerator Phase 2 program;

• Spin-off news: At the end of 2024, Hawaiian Electric committed to selling 90% of its bank stake valued at approximately $405 million to raise funds to deal with wildfire liability.

Bank structure and branch network

• operates across the island of Hawaii, with more than 30 branches, covering Oahu, Maui, Kauai, Big Island, etc.;

• Main Building Location: Located in the heart of Honolulu, Bishop Square, Bishop Park, close to Ocean University and historical landmarks; Fully functional, providing foreign exchange and business docking services;

• The service hours also cover weekends and holidays to facilitate consumer needs.

9. Summary

American Savings Bank is a mid-sized bank with nearly 100 years of history and deep roots in Hawaii. It focuses on retail and commercial banking, and continues to focus on community engagement and digital services. At the same time, it celebrates 100 years of operations and social involvement, which is often reported in the local media. In recent years, it has won a variety of honors, and has also ushered in a key node of equity restructuring.

On the one hand, it needs to maintain a deep local service base, and on the other hand, it needs to continue to advance in terms of digital transformation, new shareholders and expanded business models to cope with future competition and market changes in the banking industry.